Quran | Sunnah | Media | LiveTV | icRadio | icTunes | icMarriage | icBazar | Donate |
November 25, 2015 | Safar 12, 1437
 E D U C A T I O N
Unlawful Business
 B A N K I N G
Bank Accounts
Credit Cards
Debit Cards
Islamic Banking
 L O A N S
 I N V E S T M E N T
Mutual Funds
Critique of DJ Companies
Critique of Industries
 I N S U R A N C E

IslamiCity > Business & Finance > IC Finance > Mortgage
 Welcome to IC Finance Information & Services

 O ye who believe! Devour not usury, doubled and multiplied; but fear Allah.
that ye may (really) prosper. Qur'an 3:130 (Arabic) - Recite  


Mortgage is a long term loan, usually for a person or family to purchase a house over a long period (30 years). This is fairly common in Western societies (perhaps the only way one could afford or buy a house in those societies).

This practice barely exists in Muslim countries, at least for now.

This involves interest (and a lot of it!), and therefore alternatives have to found to this method.

Over the past few years, some prominent scholars (e.g. Dr. Yousef Al Qaradawi) have allowed Muslims living in Western countries to buy homes using mortgage, on the premise that this is the only way available, and that rent is a long term waste of money.

Some Housing Cooperatives have started (e.g. in Canada, USA) to allow Muslims to buy houses in an interest-free way. Although these offer an alternative, they are still in the early stages, and a lot of learning is happening. Some even, impose some restrictions on house remodeling, renting a basement, ...etc.

 A B O U T   U S
Contact Us: 
Join our mailing list
Email Address:
Choose a Newsletter:
Weekly Bulletin
Delivery Format:
Manage Subscriptions

Serviced 1,635,099,645 Requests Since January 2001
About Us | Contact Us | Site Map | Advertise | Recognitions | Privacy Policy  
Quran Search

Copyright 1995-2015, IslamiCity. All Rights Reserved.